Profiling a cancer/tumor is about gaining knowledge about a patients cancer/tumor profile and identifying any genomic alterations that can help a physician to guide patients through a systemic therapy with a higher likelihood of success. Cancer profiling helps physicians to rule out therapies that are unlikely to be successful (on an individual basis) thereby minimizing the trial and error process. The global cancer/tumor profiling market is estimated to grow at a CAGR of 18.5%, to reach approximately $35 billion by 2018. North America accounts for the largest share of this market, followed by Europe. The large shares of the North American and European region can be attributed to the presence of technology providers, availability of better R&D facilities, and promising funding landscape. Emerging economics such as China, India, Japan, and other regions in Asia-Pacific and the untapped markets in Europe are expected to witness significant growth in the future. The growth in these regions will be propelled by a number of factors such as growing GDP, increasing healthcare costs, and rising demand for safe and cost-effective diagnostics and therapeutics.

In this report, the cancer/tumor profiling market is broadly segmented across two categories, namely, market by technologies and applications. The market by technology consists of next-generation sequencing, quantitative PCR, immunohistochemistry, FISH/CISH, and microarrays. Based on applications, the market is segmented into major application areas, namely, personalized medicine, diagnostics, biomarker discovery, prognosis, and research applications.

The cancer/tumor profiling market is driven by the rising number of cancer cases. Technological advancements, to identify the exact cause of the condition, are also driving the growth of this market. Additionally, the increasing demand for safer and cost-effective treatments is further driving this market. The rapid growth of the cancer/tumor profiling market is attributed to its promising applications in personalized cancer therapy; and its extension in early diagnosis, disease prognosis, and research applications will further enhance its market growth. However, lack of awareness about cancer/tumor profiling options and their potential among clinicians might result in missing out on the crucial profile of the cancer condition, resulting in poor selection of treatment and disease prognosis. This factor will have a huge impact on the addressable market for cancer/tumor profiling services.

Personalized medicine applications command the largest share, mainly due to the high demand for effective cancer treatment. Apart from its potential market value in personalized medicine and diagnostics segments, it also has a strong value and expansion opportunities in applications such as, biomarker discovery, cancer prognosis, and research applications. A number of novel tools and services offered by various biotechnology companies for tumor profiling greatly serve cancer screening and diagnostics. These tools and services aid in speeding up the development in the cancer therapeutics field and help in boosting the growth of this market.

Major players are focusing on marketing their products in emerging markets such as India, Japan, Brazil, and China. Key biotechnology and pharmaceutical companies such as Caris Life Sciences (U.S.), Proteome Sciences PLC (U.K.), Life Technologies (U.S.), Boreal Genomics, Inc. (U.S.), Oxford Gene Technology Ltd. (OGT) (U.K.), and Precision Therapeutics, Inc. (U.S.), among others, are collaborating with each other as well as with academic research universities to develop effective cancer profiling products and gain a vital space in the industry. Key trends among market participants include partnerships/collaborations, in-licensing and out-licensing technologies, and integration of multiple technologies for bringing about innovative products for personalized healthcare. Another noteworthy trend in this field is the enormity of scientific and commercial attention on cancer/tumor profiling, as this treatment option has several advantages over the current non-specific cancer treatments. There has been a consistent patenting activity going on in this field which has undergone exponential growth, with cancer profiling for a broad range of cancer biomarkers being patented. This is reflected in the extensive ongoing research activities in this market.

Taking into consideration the global health burden, research universities and companies have leveraged their patents for the development of commercial products that benefit people affected with cancer. However, there are still quite a few companies that restrict access to their proprietary technologies through strong IP protection. This complicates the utilization of scientific discoveries by researchers and creates hurdles in the adoption these methods for further research and development. In addition to intense patent activity, this field has also been garnering billion-dollar funding from federal agencies, venture capitalists, and corporate R&D investments, due to the perceived high revenue potential of cancer profiling technologies and products in the next five years. However, the purchasing and reimbursement decisions of tumor/profiling products and services would be majorly influenced by the incidence of cancers, market economics, and changing trends in healthcare and legislative reforms.

The global market is anticipated to reach $35.03 billion by 2018 growing at a CAGR of 18.50%. The market is divided by geography (North America, Europe, Asia-Pacific, and Rest of the World), applications (Personalized Medicine, Diagnostics, Biomarker Discovery, Prognosis, and Research Applications), technologies (Next-Generation Sequencing, Quantitative PCR, Immunohistochemistry, FISH/CISH, and Microarray) and segments (Genomics, Proteomics, Metabolomics, and Epigenetics). Further, each application, technology, and segment type is broken down by geography, with an exhaustive revenue analysis for the entire forecast period. Of the above mentioned applications, Personalized Medicine is the largest revenue sector and will be the fastest-growing segment.

The market is driven mainly by the rising number of cancer cases. Technological advancements to identify the exact cause of the condition are considered as the second major driver. Additionally, demand for safer and cost-effective treatment further drives the market. The rapid growth of the tumor profiling market is attributed to its promising application in personalized cancer therapy; and its extension in early diagnosis, disease prognosis, and research applications will further enhance its market growth. The current approach of cancer profiling in targeted therapy and personalized medicine for cancer has the potential to address the current demands and fill the gaps in the healthcare industry.

North America is a significant contributor to the market, followed by Europe, due to the presence of technology providers and better R&D facilities. The new markets that are expected to grow at a brisk pace are emerging economics such as China, India, Japan, and other regions of Asia-Pacific and the untapped markets of Europe due to their growing GDP, healthcare costs, and rising demand for safe and cost-effective diagnostics and therapeutics.

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